Annual and transition report of foreign private issuers pursuant to Section 13 or 15(d)

Consolidated Income Statements

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Consolidated Income Statements (USD $)
In Thousands, except Share data, unless otherwise specified
12 Months Ended
Dec. 31, 2011
Dec. 31, 2010
Dec. 31, 2009
Revenues      
Lease revenue $ 1,050,536 $ 902,320 [1],[2],[3],[4] $ 581,134 [1],[2]
Net gain on sale of assets 9,284 36,204 [1],[2],[3],[4] 40,243 [1],[2]
Management fee revenue 19,059 12,975 [1],[2],[3],[4] 12,964 [1],[2]
Interest revenue 2,761 3,913 [1],[2],[3],[4] 9,459 [1],[2]
Other revenue 12,283 3,866 [1],[2],[3],[4] 3,692 [1],[2]
Total Revenues 1,093,923 959,278 [1],[2],[3],[4] 647,492 [1],[2]
Expenses      
Depreciation 361,210 307,706 [1],[2],[3],[4] 194,161 [1],[2]
Asset impairment 15,594 10,905 [1],[2],[3],[4] 18,833 [1],[2]
Interest on debt 292,486 233,985 [1],[2],[3],[4] 86,193 [1],[2]
Operating lease-in costs 12,069 12,332 [1],[2],[4] 13,090 [1],[2]
Leasing expenses 58,432 55,458 [1],[2],[4] 52,041 [1],[2]
Provision for doubtful accounts 3,335 39 [1],[2],[4] (29) [1],[2]
Selling, general and administrative expenses 120,746 [5] 80,627 [1],[2],[3],[4],[5] 76,628 [1],[2],[5]
Other expenses     2,965 [1],[2]
Total Expenses 863,872 701,052 [1],[2],[3],[4] 443,882 [1],[2]
Income from continuing operations before income taxes and income of investments accounted for under the equity method 230,051 258,226 [1],[2],[3],[4] 203,610 [1],[2]
Provision for income taxes (15,460) (22,194) [1],[2],[3],[4] (953) [1],[2]
Net income of investments accounted for under the equity method 10,904 3,713 [1],[2],[3],[4] 983 [1],[2]
Net Income from continuing operations 225,495 239,745 [1],[2],[3],[4] 203,640 [1],[2]
Income (loss) from discontinued operations (AeroTurbine, including loss on disposal), net of tax (52,745) (3,199) [1],[2],[3],[4] 2,731 [1],[2]
Bargain purchase gain ("Amalgamation gain"), net of transaction expenses   274 [1],[2],[3],[4]  
Net Income 172,750 236,820 [1],[2],[3],[4],[6],[7] 206,371 [1],[2]
Net income attributable to non-controlling interest (526) (29,247) [1],[2],[3],[4] (41,205) [1],[2]
Net income attributable to AerCap Holdings N.V. $ 172,224 $ 207,573 [1],[2],[3],[4] $ 165,166 [1],[2]
Total earnings per share, basic and diluted $ 1.17 $ 1.81 [1],[2],[3],[4] $ 1.94 [1],[2]
Earnings (loss) per share from discontinued operations, basic and diluted $ (0.36) $ (0.03) [1],[2],[3],[4] $ 0.03 [1],[2]
Earnings per share from continued operations attributable to AerCap Holdings N.V., basic and diluted $ 1.53 $ 1.84 [1],[2],[3],[4] $ 1.91 [1],[2]
Weighted average shares outstanding, basic and diluted 146,587,752 114,952,639 [1],[2],[3],[4] 85,036,957 [1],[2]
[1] As a result of the sale of AeroTurbine and based on ASC 205-20, which governs financials statements for discontinued operations, the results of AeroTurbine have been reclassified to discontinued operations.
[2] Certain reclassifications have been made to prior years' Consolidated Income Statements to reflect the current year presentation.
[3] Includes the results of Genesis for the period from March 25, 2010 (date of acquisition) to December 31, 2010.
[4] Includes the results of Genesis Lease Limited ("Genesis") for the period from March 25, 2010 (date of acquisition) to December 31, 2010 and the issue of shares to Genesis and Waha Capital PJSC ("Waha").
[5] Includes share based compensation of $3.0 million ($2.6 million, net of tax), $2.9 million ($2.5 million, net of tax) and $6.2 million ($5.4, net of tax) in the years ended December 31, 2009, 2010 and 2011 respectively.
[6] Includes the results of Genesis for the period from March 25, 2010 (date of acquisition) to December 31, 2010 and the issue of shares to Genesis and Waha.
[7] The Amalgamation gain, net of transaction expenses of $274, as presented in the consolidated income statement, consists of the Amalgamation gain of $31,023, as presented in the consolidated statement of cash flow and transaction expenses of $30,749 (Note 1).